极氪二季度整车销售近230亿元 “零公里二手车”疑云会否削弱财报含金量？

Core Viewpoint - The recent financial disclosures from Zeekr indicate a mixed performance amidst ongoing privatization efforts, highlighting both revenue growth and challenges related to profitability and sales practices [1][2][3] Financial Performance - In Q2 2025, Zeekr reported total revenue of 27.431 billion yuan, with a gross margin of 20.6%, marking a year-on-year increase of 2.6 percentage points, achieving a historical high [1] - Vehicle sales revenue reached 22.916 billion yuan, reflecting a year-on-year growth of 2.2% [1] - For the first half of the year, Zeekr delivered a total of 244,877 vehicles, representing a year-on-year increase of 14.5%, with total revenue amounting to 49.450 billion yuan and vehicle revenue growing by 8% [1] Profitability Challenges - Despite a decrease in both R&D and sales expense ratios, Zeekr recorded a net loss in Q2, although the loss amount showed a reduction compared to previous periods [1] - The company continues to face profitability issues that are common among many new energy vehicle manufacturers [1] Sales Practices Concerns - The "zero-kilometer used car" issue has emerged as a significant concern, with reports of dealers being pressured to meet sales targets through questionable practices, such as selling vehicles that are technically classified as used but are essentially new [2][3] - This practice has led to consumer complaints regarding the loss of benefits associated with being the first owner, such as battery warranties and free charging [3] Market Context - The phenomenon of "zero-kilometer used cars" is seen as a response to industry pressures, including inventory buildup and intense market competition [3] - Zeekr's increasing inventory levels, as indicated in financial disclosures, reflect broader industry challenges [3] Privatization Developments - Zeekr is currently undergoing a privatization process, with Geely Automobile Holdings announcing a merger agreement to acquire all outstanding shares of Zeekr, which has raised concerns about potential discrepancies in sales and financial data [3]